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BREAKING NEWS: MWALIMU COMMERCIAL BANK IPO

COMPANY & BUSINESS
Sector: Bank
Proposed:  Exchange Enterprise Growth Market –The Dar es Salaam Stock Exchange (Tanzania)
Shares in Issue: 50,000,000.00
IPO Price per share: TZS 500
Offer Opening Date: 23-March-2015
Offer Closing Date: 4-May-2015
Expected Listing Date: 8-June-2015

Mwalimu Commercial Bank (MCB) has been sponsored and promoted by the Tanzania
Teacher’s Union (TTU), a Trade Union established under the Employment and Labour
Relations Act 2004. It is an umbrella trade union of teachers in Tanzania solely owned
by the teachers. With over 200,000 members across all regions in Tanzania, it is
expected to own 16% of the bank’s issued and fully paid up capital. It has also decided
to work with its economic wing, the Teacher’s Development Company Limited (TDCL)
which was registered on 7th April 2003. TDCL will take 4 % of MCB PLC’s issued and
fully paid up capital. The rest 80% will be available for the general public.

MCB PLC will be established as a commercial bank, supervised and regulated by the
Bank of Tanzania under its prudential regulatory regime. It will supply the normal
banking products, with provision that it will spread its footprints as quickly as possible
to reach TTU members; other teachers and workers; and the public in general.
Given the current financial market in Tanzania, in which some institutions offer costly
products, teachers are aspiring to establish a financial institution that enables them to
access affordable bank products or service. The establishment of the bank shall also
enable teachers to overcome economic hardships, improve standard of living and
contribute to national development